All Forum Posts by: Account Closed

@Karen Warren Many Hard Money lenders will loan to an LLC and not an individual but they will underwrite the members of the LLC.

@William Ika We have a directory on bigger pockets to find out which are HML. But the best bet is to go to meet ups. There you can meet local Hard Money Lenders in the area.

@Dillon Seal Most HML have it in their contracts that you cant live in the property until you are out the loan. Your best bet will be to refinance the property to pay off the HML. Good Luck!

@Barry Inge HML usually lends on 75-85% of Purchase Price and 75-85% of Rehab Cost. Some don't charge any points but the 25% is almost always needed for a newer investor. Also, the rehab works on a Draw Basis so that means you need to have some money up front to start your rehab.

@Anthony Miller Accolend. They dont charge points. 

@Dillon Seal You can purchase with hard money do the fixes and then refinance to pay off the Hard Money Loan and once you refinance and pay off the Hard Money you can move into the property. 

@David Harley   It depends on the lender. The best advice I can give you is to call different lenders around your area and find out rates for the project you are currently working on. Also, consider that some lenders only lend on 75%. 

Hi @Kevin Schultz

I am not sure how auctions work in Texas. But in NJ you are required to put down 20% deposit.  Then you have 30 days to come up with the 80%.  As a hard money lender, we usually close in 5-10 days so it is easy for us to have the money to close before the 30 days are up. 

@Dharryl Maiava Yes as you continue to work with that lender the 75% can go to 85% and the rate might drop. 

@Justin Lewis We prefer you do just because we can go into a quote right away and give you numbers based on the property. I hope this helps.